CandleFocus Sell-off Alert! Bitcoin Whales Sold $1.28 Billion of BTC, Price Drop Coming?
2024-09-25
Author: Content Editor
Bitcoin whales, or large holders of BTC, have sold over 20,000 BTC, worth $1.28 billion, in the past 24 hours. This significant sell-off occurred near a resistance level of $64,800, which has historically resulted in price reversals. The last time Bitcoin reached this level, it experienced a price decline of over 16%. Technical analysis suggests that BTC appears bearish, potentially due to the asset dump and a bearish double-top pattern. There is a strong possibility that BTC's price could decline by 10% to $57,300 unless it closes a daily candle above $66,000. On-chain metrics, such as the BTC Long/Short ratio and future open interest, also indicate a bearish market sentiment among traders.
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